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Integrated Facilities Management (IFM) Services Market in Vietnam
Frost & Sullivan, Oct 2009, Pages: 75
This Frost & Sullivan research service titled Integrated Facilities Management (IFM) Services Market in Vietnam provides an overview of the market for IFM, drivers, restraints, industry challenges, as well as market size and forecasts. In this research, Frost & Sullivan's expert analysts thoroughly examine the following applications: janitorial, engineering, security, environmental, landscaping, and other related services.
The integrated facilities management (IFM) services market in Vietnam is at a very early stage of development and awareness for these services is low. Key drivers for the market are presence of multinational companies in Vietnam and high construction activities in cities. Major restraints for the market are limited awareness regarding IFM services and their benefits, preference to manage facilities in-house and presence of abundant small local specialized FM service providers. The IFM services market in Vietnam, though small currently, has a huge potential to grow as the awareness for these services grows in future. Growth will primarily be driven by multinational offices in sectors such as banking, IT and telecom.
Market Overview
Boom in Commercial Building Construction in Vietnam Buoys the Integrated Facilities Management Services Market
The fledgling IFM services market in Vietnam is all set to grow due to a spate of construction activities in Vietnam, especially in the commercial office space in cities such as Hanoi and Ho Chi Minh City. In fact, in Ho Chi Minh City, grade A office space is likely to increase to three times its current size between 2009 and 2011. Hanoi is also expected to experience significant expansion of office space in 2009, and the overall occupancy is projected to be around 90 percent. The presence of multinational companies in the country will considerably up the ante in construction industry, as they will be more inclined to use state-of-the-art technologies in their commercial buildings. Not only will these buildings be more technologically advanced, but their facilities will also be managed more professionally. 'As the new buildings will have to adhere to stringent environmental norms, the demand for environmental consulting, as part of the IFM service offering, is anticipated to swell,' says the analyst of this research.
While IFM service providers will be heartened by the opportunities opening up, their market expansion plans will be hampered by the low awareness levels of their potential customers. Building owners are reluctant to outsource the entire management of their facility to expensive third-party IFM service providers and instead, prefer to manage them in-house or out-task to specialized facilities management service providers such as cleaners or security service providers. This is because in Vietnam, facilities management is considered no different from routine cleaning and maintenance tasks. 'IFM service providers have to educate their potential customers about the long-term benefits of their value-added services compared to the regular cleaning or security services,' notes the analyst. 'They should highlight their expertise in energy and cost management to address the rising concern about pollution and energy conservation.'
Application Sectors
Expert Frost & Sullivan analysts thoroughly examine the following application sectors in this research:
- Janitorial
- Engineering
- Security
- Environmental
- Landscaping
- Other related services
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